IIM calls for extensive exploration of mineral wealth

New Delhi, Sep 1 (UNI) In a bid to unleash India's potential in metals and minerals sector, the Indian Institute of Metals (IIM) will be organising the sixth edition of International trade fair and conference on minerals, metals, metallurgy and materials here from September 11.

''There is a need for an extensive work to be done in the exploration of mineral wealth in India. Focus should be on attracting multinational companies to explore and exploit the rich mineral reserves present over here,'' Chairman-IIM and National Advisory Committee A C Wadhawan told reporters here today.

Mining sector is doing impressively well since last 5-6 years and further more is required for an harmonised growth in all the sectors, Mr Wadhawan said, adding that domestic demand is to be aggravated with the support of internal strength and coming out with value addition products.

What more is required is the mutual transfer and upgradation of technology between various players, he said. Getting a stiff competition from the neighbouring China, India has arrived on the centre stage and has emerged as a global player.

Indian players are acquiring overseas mines and forming joint venture companies abroad. In this direction, Tata Steel is setting up a steel plant in Iran with an investment of Rs 10,000 crore. In addition, NALCO is tieing up with Dubai Aluminium for the production of Aluminium from Alumina, he said.

The consistent GDP growth rate and the buoyant economy is expected to boost the domestic steel production to 60-65 million tonnes by 2006.

Nearly 34 countries including China, Russia, Singapore, US and UK, will be participating in the conference, which is to inaugurated by Vice President Bhairon Singh Shekhawat. Eminent speakers from Severstal, Posco Steel, Mittal steel will also be addressing the conference.

UNI DKS CS RS1604